A California seller signs an exclusive agency listing with Broker X. The seller personally finds a buyer and sells the property without any assistance from Broker X. Under this type of listing, does the seller owe Broker X a commission?
Correct Answer
C) No; an exclusive agency listing lets the seller sell alone and owe nothing
An exclusive agency listing reserves the seller's own right to find a buyer without owing the broker. That reservation is the whole difference between it and an exclusive right to sell. Other choices: not all exclusive listings require a commission whoever finds the buyer; nothing splits it in half; and the Statute of Frauds is about the agreement being written, not about who owes what.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
More Laws Of Agency Fiduciary Duties Questions
Under California law, the agency disclosure requirements apply to which types of property?
Under California law, when must a buyer's agent give the agency disclosure form to the buyer?
A broker who fails to promptly disclose their dual agency status is subject to:
A broker’s fiduciary obligation to protect a seller’s confidential information continues:
A broker has an exclusive agency listing on a property. If the owner sells the property, the broker is entitled to:
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- → A California buyer's agent fails to note a material defect during the visual inspection required by Civil Code §2079. The buyer discovers the defect eight months after close of escrow and wants to sue the agent for breach of that inspection duty. What limitations period applies?
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Under California law, all of the following are lawful methods for a real estate agent to receive compensation EXCEPT:
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